Coinbase Global (NASDAQ: COIN) may be the most polarizing crypto stock you can buy right now. While the stock is up 136% over the past 12 months, investor sentiment appears to be cooling fast. Since the start of the year, Coinbase is down 28%.

But I'm not giving up on Coinbase. While it might be fashionable right now to say that the new spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) will have a significant negative impact on Coinbase, I'm not so sure that's the case. Here are three key questions to ask before you decide to abandon Coinbase.

Admittedly, the Coinbase bears are correct on one key assumption: The new spot Bitcoin ETFs will likely result in a decline in the amount of Bitcoin that gets traded on the main Coinbase-trading platform. That's a big deal because Bitcoin accounts for about a third of all crypto-trading volume on Coinbase. Over time, any behavioral shift from trading Bitcoin to trading Bitcoin ETFs could result in a continued loss of high-margin fee revenue from retail traders.

Continue reading

Source Fool.com